Abstract:
Against the backdrop of promoting high-quality, in-depth, and substantive joint construction of the Belt and Road Initiative (BRI), clarifying how the supply chain resilience of participating firms changes, along with its underlying mechanisms, holds significant theoretical and practical implications. Using a sample of A-share listed companies on the Shanghai and Shenzhen stock exchanges, this study manually collects and compiles data on corporate participation in the BRI and employs a staggered difference-in-differences (DID) model. We find that participation in the BRI significantly enhances corporate supply chain resilience. The underlying mechanisms operate as follows. First, participation strengthens supply chain discourse power. Countries and regions along the Belt and Road possess abundant critical mineral and energy resources, while featuring relatively low industry competition and high demand elasticity in their consumer markets, thereby helping firms secure strategic advantages in both resources and markets. The export of technical standards and the interconnection of trade rules drive Chinese firms to transition from adapters of international rules to rule-makers. Moreover, the advocacy of a "new globalization" strengthens the linkages between China and partner countries and regions, as well as with global industrial chains, transforming firms into organizers and coordinators of regional supply chains. Second, participation improves supply chain efficiency. Multimodal transport networks integrating sea, land, air, and rail substantially reduce transportation time and logistics costs, lowering not only the raw-material ordering costs of purchasers but also mitigating the adverse effects of high-output and redundant-inventory strategies on the part of exporters. The advancement and refinement of integrated reforms have optimized customs clearance procedures, effectively ensuring the smooth transit and timely release of goods while substantially compressing clearance time and opportunity costs. The introduction of digital technologies enables full-process visualization, real-time tracking, and intelligent scheduling of logistics, while the application of intelligent management systems—such as automatic replenishment and demand forecasting—helps firms accurately grasp market trends and optimize key processes including production and inventory. Heterogeneity analysis indicates that the enhancing effect of BRI participation on corporate supply chain resilience is more pronounced among non-state-owned enterprises and manufacturing firms. This study enriches research on the micro-level economic consequences of the BRI and provides a pathway reference for firms seeking to strengthen their supply chain resilience.
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